Cryptocurrencies: Five alternatives to Bitcoin

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Cryptocurrencies have certainly increased in popularity in recent years with probably the best known being Bitcoin.

While Bitcoin is the trendsetter there are now several other options available. Here we look at just 5 of the alternatives to Bitcoin.

– Litecoin (LTC)

Launched in 2011 by former Google engineer Charlie Lee, in its early days LTE was often referred to as “silver to Bitcoin’s gold”. It is very similar to Bitcoin in many ways in that it has a fast block generation rate enabling it offer faster transaction confirmation. Litecoin is growing in popularity and is accepted by an increasing number of merchants.

-Zcash (ZEC)

Launch towards the end of 2016, Zcash is an open-source cryptocurrency. Defining itself as “If Bitcoin is like http for money, Zcash is https”. This cryptocurrency offer privacy and selective transparency as well as extra security for both sender and recipient.

– Ethereum (ETH)

Launched in 2015, Ethereum is very much considered the rising star in the cryptocurrency world. It is currently ranked 2nd behind Bitcoin in terms of market capitalisation which is said to be $4.46 billion and its value has increased more than 2,300 per cent in the past year alone.

– Ripple

Ripple offers low cost, real-time global settlements with end-to-end transparency. The company has a market capitalisation of $1.26 billion and was launched in 2012.

– Dash

Dash used to be known as Darkcoin and is far more secretive than Bitcoin. There are increased levels of anonymity as it works on a decentralised mastercode network which makes all transaction untraceable. It was originally launched in 2014 and rebranded in March 2015 although no changes were made to the technological features.

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